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wells fargo platinum review

Wells Fargo Platinum Review: Cell Phone Protection with No Annual Fee

Having access to good credit cards is very important when you want to get by in life. There are going to be circumstances where you will want to use credit to buy certain things. Many people choose to sign up for rewards credit cards to take advantage of these credit card purchases. It can be very helpful to earn cash back rewards or miles for your purchases. Not all credit cards are about the rewards experience, though. There are certain types of credit cards that are very practical for helping people to pay down their debts. If you have thousands of dollars of credit card debt that you are trying to pay down, then you need to be able to avoid paying high interest rates on that debt so that you can make progress. Finding a credit card with a low APR can help you to pay down your debt. This is why the Wells Fargo Platinum Visa credit card is such an appealing option.


The Wells Fargo Platinum is a credit card that offers no rewards, but it does offer you a stellar introductory APR. It makes it a very good option for those who want to pay down their debts in a practical and manageable way. If you have been thinking of trying to pay down some debts, then you will want to give this credit card some consideration.


Before you rush out to apply for this card, it is important to think about the details. You need to know everything about this card so that you can make an informed decision. Join us as we dig into the details of the Wells Fargo Platinum card. You'll be able to decide if it is a good fit for you or whether you are better off looking for a different credit card.


Wells Fargo Platinum

Introductory Offer:

18 Month Intro APR Offer


No Rewards Points


Intro APR offer.
Cell phone protection. ($25 deductible)

Annual Fee:

No annual fee.

Our Thoughts:

This is a great card for its intro APR offer and balance transfers. It has no annual fee and also offers great cell phone protection and free credit score access.


Wells Fargo Platinum Card Fees

You will not need to worry about any type of annual fee when you sign up for the Wells Fargo Platinum. This card is going to be good for people who find annual fees to be an annoyance. You can keep this credit card in your wallet without having to worry about owing Wells Fargo money every year for the privilege of using the card. It helps to keep things practical for you.


There are some fees that you will need to be aware of, though. The most annoying fee is going to be the balance transfer fee. During the introductory period, it is either going to be three percent of the balance that you are transferring or $5.00, whichever happens to be greater. If you decide to use this credit card to pay down debt, then the fee is almost always going to be three percent during that introductory APR period. After the introductory period expires, the balance transfer fees will rise to five percent, making it harder to justify making the transfers.


The introductory APR period is really helpful on this credit card, though. It lasts for a longer amount of time than usual, too. You can take advantage of avoiding paying interest on purchases or balance transfers for 18 months. This is a long time and you can use this to your advantage to pay down debt if you need to do so. That is really the main appeal of this credit card, so it is good to keep this in mind.


Once that introductory period is finished, you will be paying a somewhat high APR. It is not so high that it is absurd or anything, but it is not the best available APR. Whether or not you will be interested in the card after the introductory period is finished will depend on your circumstances and expectations. Just know that the normal APR rate might be a bit high as far as some people are concerned.


Features of the Wells Fargo Platinum

For the most part, this credit card is going to be all about that introductory APR period. It does not have a lot of fancy features to offer that will cause you to want to apply right away. Whether or not this card is going to appeal to you will depend on how much you need to pay down your debt. It is practical for that purpose, but it may not offer much more than that to people who expect other features or perks.


The Wells Fargo Online tools make managing your credit card a simple process. This is a very robust set of tools that can make managing your payments and other bits of information simple. You will have access to a set of tools to help you budget your money and you can more effectively manage your spending. You will also be able to gain easy access to your credit score at all times, which is great for when you are trying to get your score up higher.


Benefits of the Wells Fargo Platinum

The only real perk that you are going to get when using this credit card is the cellphone insurance. Basically, you will be able to get cellphone insurance on your phone if you decide to pay your monthly phone bill using your credit card. This will allow you to receive up to $600.00 for your phone in the event of it being damaged or stolen. Insurance such as this can be really useful in helping you replace an expensive cellphone.


There are a few minor standard perks that you can make use of, too. For instance, you will be able to rely on zero liability when you report an unauthorized transaction on your card. This makes it so that you are protected from owing money when someone steals your card and manages to use it. It's an important benefit that will be handy if your card ever gets stolen or if someone tries to steal your identity.

wells fargo platinum cell phone protection


Rewards Program Info

There are no associated rewards with this credit card. The one big drawback to this credit card is that you cannot earn any rewards through loyalty programs or through your own credit card purchases. This is a no-frills credit card experience that should be used for a specific purpose. If you want to earn rewards, then you are going to need to look into a different type of credit card.


Wells Fargo does offer credit cards that give you rewards, so you may want to look into some of their other options. If you are interested in this card, then it is likely that you are not in it for the rewards. If you need a card to pay down your debt, then this is a very sensible choice. Otherwise, you may wish to see what else the market has to offer.


The Pros

  • No annual fee to worry about
  • Long introductory APR period
  • Great for paying down credit card debts
  • Cellphone insurance is a nice perk
  • Great fit for existing Wells Fargo customers


When you sign up for the Wells Fargo Platinum card, you will not have to worry about any type of an annual fee. This is a great thing as it allows you to simply use the card without feeling like you are wasting money. The annual fees of some cards can come across as a hindrance, so it is nice to be able to avoid that with this credit card. It makes it a little easier to justify keeping the credit card in your wallet.


The long introductory APR period is going to be what draws most people towards signing up for this card. You will be able to enjoy an 18-month period of having a stellar APR. This will allow you to really do some good things for your life. If you want to use this credit card intelligently, then there are several positive applications that could benefit you.


Paying down debt is one of the primary reasons that people make use of a credit card such as this. You can transfer the balance of your old credit cards over to this one and pay them down. With the APR being so good during the introductory period, it becomes easier to do this. You can potentially eliminate debt using this credit card, so it may be worth it to sign up if you are in need of a card that can help pay down your debt.

If you decide to sign up for this card, you'll also be getting one really nice perk that typically only comes with premium cards. You will be able to make use of handy cellphone insurance when you pay your phone bill using your credit card. This insurance will give you up to $600.00 when you have your phone stolen or when it gets damaged. It makes replacing your expensive cellphone a much easier prospect and it can really be useful when the worst happens.


This credit card is an overall great fit if you are already banking with Wells Fargo, too. You will be able to conveniently manage everything using the same website and app. If you like the simplicity of keeping your banking and credit cards under the same umbrella, then it might be good to sign up for this card. Depending on your needs, this might wind up working out very well for you.


The Cons

  • No rewards whatsoever
  • Somewhat high APR after the initial introductory period
  • You have to pay balance transfer fees
  • The benefits may be somewhat lacking


The first thing to understand about the Wells Fargo Platinum card is that it is not a rewards card at all. This card is not going to give you any rewards for your purchases and this is going to deter many people from giving it a chance. If you like earning airline miles or cash back rewards for using your credit card, then know that you will not be getting that experience here. This is a credit card that is good for paying down debt for a certain period of time, so you have to use it in the right way for it to truly be beneficial.


It is also worth noting that the APR of this credit card is somewhat high after the introductory period ends. If you keep using the credit card once the introductory period is over, then the APR may not be agreeable to you. You should keep this in mind if you want to sign up for a credit card that you will use for many years. This card may not be the option for you if you are worried about the APR since there are options with lower interest rates out there.


You do have to pay balance transfer fees when using this credit card, too. That is a bit unfortunate as this is one of the best uses of the credit card. The balance transfer fee is either $5.00 or three percent of the total transfer during the introductory period. The card will charge you whichever amount is greater, so it is almost always going to be three percent. After the introductory period is over, you will have to pay a five percent balance transfer fee, making things a bit less practical.


The benefits of this credit card may also be somewhat lacking, depending on what you are expecting. There is one very nice benefit that will come in handy for some people, but it lacks other standard benefits. Many cards offer more robust perks, so you should keep this in mind when considering whether or not this credit card is for you. Weigh your options and see if this is going to fit in with what you want to do.

wells fargo platinum


Credit Score Needed for Approval

Getting approved for this credit card is not going to be easy if you do not have the right credit score. Your credit score needs to be firmly in the good range to be approved. A score of 690 or higher will yield the best results. Take the time to look at your current credit score before applying so as not to waste your time. If your credit score is excellent, then getting approved will be that much easier.


Who Does This Credit Card Appeal to Most?

The real appeal of the Wells Fargo Platinum credit card is going to be to people who want to pay down their credit card debt. There are no cash back rewards to speak of or any airline miles that you can earn. This card is purely a normal credit card with good balance transfer options. The introductory APR period makes it practical to transfer debt from other cards so that you can pay it down without having to worry about interest.


If you are the type of person who wants a lot of benefits and rewards options, then you are going to be left wanting with this card. It does not mean that the card is bad in any way, but it does mean that it might not be right for you. This is a no-frills credit card that should be used for a specific purpose. It can also make for a fine everyday credit card if you really need it, but the lack of rewards will likely deter you from using it that way.


An Alternative Card to Consider

The Chase Freedom credit card might be a good option to keep in mind. It is another credit card that can be used for the purposes of paying down your credit card debt. The difference is that it can also be used as a rewards credit card to an extent. This card can give you five percent cash back options on certain categories that will rotate in and out.

Chase Freedom Credit Card Review

See our full review of the Chase Freedom.


Being that the Wells Fargo Platinum card does not offer any rewards whatsoever, this might wind up being more appealing to you. Both are good cards for paying down debt so you should take a look at the specifics of each to make an informed decision. Either way, you will be getting a reliable credit card that will help you to pay down that pesky credit card debt that you have been trying to get rid of. The Chase Freedom a good card that will come in handy while offering you some basic rewards, too.


Decision Time: Is the Wells Fargo Platinum the Right Card for You?

The Wells Fargo Platinum is a good option to consider for certain people. It is not going to be a credit card that will appeal to everyone due to its lack of many features. It is not going to give you any type of rewards and this could wind up being a big disappointment for some. Even so, it is a card that is great at what it does.


If you need a credit card that is going to offer you financing options that fit within your budget, then you will love this card. This card can help you to cut down on your debt and can be used in many intelligent ways. The introductory APR period is actually pretty lengthy and it can be used to your advantage. If you want to pay down credit card debt, then this card is an excellent one to keep in your wallet.


Anyone who likes having access to a good standard credit card with no annual fees will find this card appealing. Just take the time to consider whether you want to forego the usual rewards perks to use the Wells Fargo Platinum card instead. Depending on what you are looking for in a credit card, there may be other credit card options on the market that will work better for you. If you're trying to pay your debt down, then you have found your credit card of choice that will help you to get the right results.

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Advertiser Disclosure: Travel Freedom has partnered with CardRatings for our coverage of credit card products. Travel Freedom and CardRatings may receive a commission from card issuers.
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